
Economics Quiz

Quiz
•
Science
•
12th Grade
•
Medium
Mokhichehra Makhmudova
Used 1+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The demand for labor schedule is the same as:
the minimum wage rate in that economy
real wage line
supply of labor schedule
the marginal product of labor schedule
none of the above
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the unemployment rate is above its natural rate, then:
the economy has its potential level
wages and prices will rise more rapidly and the AS curve will shift to the left
there are excess tightness in the labor market
all of the above
none of the above
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the 1960s, the Phillips curve was:
suggestive of a permanent trade-off between inflation and unemployment
consistent with a clear negative relationship between inflation and unemployment
a very popular explanation for inflation fluctuations
all of the above
none of the above
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The MP curve indicates the relationship between:
unemployment; prices
taxes; price level
the real interest rate; inflation rate
all of the above
none of the above
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Only when the goods market is in equilibrium is it true that:
demand for foreign goods equals foreigners' demand for domestic goods
the amount of goods and services produced equals actual expenditure
actual expenditure equals output
planned expenditure equals the amount of goods and services produced
none of the above
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The fundamental identity of national income accounting implies:
Expenditure = Production = Income
Expenditure = Production + Income
Income = Expenditure / Production
Income = Expenditure - Production
None of the above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A discouraged worker might:
be counted as unemployed
have been prevented from working during the week prior to the household survey due to illness
be waiting to return to a job from which he or she has been laid off
have tried to find a job during the month prior to the household survey, but without success
none of the above
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